Circular External Collections and Payments - COPEX 1 - 79

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 727 26/07/85
TO FINANCIAL ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE AND EXCHANGE BROKERS:
Ref.: Circular EXTERNAL COLLECTIONS AND PAYMENTS - COPEX - 1 - 79

We address you with reference to the provisions, regarding deadlines for the payment of imports, made known by Communications “A” 189 of 2.8.82, “A” 397 of 21.10.83, “A” 457 of 24.2.84 and complementary ones.

Regarding this, we bring to your knowledge and through your intermediation to the interested sectors that from 29.7.85, the following rules will apply:

1. General merchandise.
   When payments are not made at the originally agreed due dates, these may only be extended for a minimum period equal to that established by the current regulation. In no case may the extension period be less than 90 days.

2. Capital goods.
   Obligations for imports of capital goods that are not canceled at their original due dates will determine the extension of those due dates for a period of no less than 180 days.

3. General provisions.
   In the indicated situations, the current provisions in matters of External Debt Reporting must be fulfilled, and for their new due dates, authorized entities may directly carry out foreign exchange sales to cover the payments, if automaticity was applicable to process the original operation.

Upon expiration of the extended terms without the obligations being canceled, respective inquiries must be made using form 40080, stating, as is practice, in the box designated for “OBSERVATIONS” the establishment of the deposit set by Communication “A” 459 of 29.2.84, as well as the original due date of the operation and its extension.

We salute you very attentively.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Oraldo N. Fernández
Manager of
Foreign Exchange and Changes
Antonio E. Conde
Deputy General Manager